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Search Results 0 to 49 of about 476 (some duplicates have been removed)
. >> the europeans are becoming quite fed up with rating agencies lately. >> up an arms. fitch, moody's, s&p, have become bad words. they are coming under increasing scrutiny in europe. the european commission president has condemned a decision by moody's to downgrade portugal's credit rating. the german finance minister has said that he would like to "break the power of rating agencies and limit their influence." recent ratings have put a lien european countries like portugal under pressure. portuguese treasuries went on sale and they reached their highest yields ever. >> the government is outraged by the downgrading. the portuguese bonds have jumped started even though the government recently introduced drastic austerity measures. moody's is concerned that portugal will need a second bailout despite spending cuts and this has angered the finance minister. >> the reasoning behind this assessment is very hard to understand and even more so that it has come at this particular time. >> portugal's government says they are just getting to grips with the crisis. some economists support that view. >> th
negotiations while moody's puts the u.s. on notice. >>> excessive force. three tennessee officers come under fire after a brutal beating is captured on dash cam video. >>> and an affair to remember. a michigan woman files a lawsuit after her whirlwind facebook a michigan woman files a lawsuit after her whirlwind facebook romance goes south. captions paid for by nbc-universal television >>> hello and good morning. i'm lynn berry. this morning we begin with boiling point. budget negotiates at the white house grew heat yesterday as lawmakers failed again to compromise on spending cuts and tax hikes as part of a plan to raise the debt ceiling. all of this as moody's investor service puts the country's stellar credit rating under review. kristin dahlgren joins us with more on this. good morning. >> reporter: good morning. just when you thought it couldn't get any uglier, word of the tensest talks yet at the white house. republican house majority leader eric cantor is saying the president said to him, eric, don't call my bluff and then stormed out of the meeting. now, democrats say those reports a
and back to work later this afternoon. credit rating for moody's, the u.s. will keep the triple a credit rating for now. they will keep the top notch rating. if the treasury doesn't keep the bond. >> and high reward for celina cass who was last seen monday night. there is no indication she ran away and no signs of struggle. canian officials are working with the f.b.i.. >> missouri teachers say they can't be friends on with thereofstudents. critics say there are too many loop holes and gray areas to instill a ban. back to you. >> thank you . president obama said the u.s. could lose the triple a rating because the country doesn't have a triple a political system. molly has the latest from the white house. >> the president is using the weekly internet and radio address to stress this is a urgent problem and that progress has to raise the debt sealing by tuesday ear we will face default. the president said consequences are inexcusable and self inflicted by washington. he countered the republican argument that is about spending. >> it isa not a vote to allow congress spending more money. rais
is wondering if moody's s&p or fitch will move to downgrade the rating. one agency has already done just that. sean egan of the lesser known eagan-jones sat down with our maggie lake. >> reporter: in an industry dominated by three global players, standard & poor's, moody's and fitch, sean egan stands apart. the co-founder has battled the primacy and cloud of the big three for years, crediting with making gutsy calls well before the come decision. after his downgrade of u.s. debt one week ago, he finds himself in the spotlight as never before. >> sean, you already lowered the rating on u.s. debt. why? >> eagan-jones did because of our concern about the relatively high level of debt to gdp. that's a primary measure for the credit quality of countries. >> it doesn't matter whether they get a deal on the debt ceiling. >> it's almost secondary. that is secondary. it's akin to your forgetting the pay the mortgage payment before you go on vacation. it doesn't affect your ability to pay. the issue of a slight delinquency is far less important to us than the overall ability. granted, the u.s.'s reserv
, is when you really should take a look at what the bond mark is doing. moody's s&p, particularly moody's, they've already said if it doesn't look like there's any movement whatsoever toward a deal they -- by mid-july, that's a piece i left out, by mid-july, they are going to look at taking action against the u.s. rating, which could drop from a triple-a rating to a double-a rating which would have severe consequences for the u.s. economy. >> but would be very good for eric cantor's short position in the bond market. >> well, yeah. >> at least he's short the bond market. dave, have you heard anybody mention the subject of restructuring or cancelling the debt? >> it's come up, but the problem with this debate in washington is that the two sides don't agree on the same facts. i think there are reasons for this. they wouldn't trust treasuries, wouldn't trust experts. you meet republicans who say, one, we can move this money around in a way that treasury says we can't. even when goldman sachs says we can, says it would be damaging, or two if we defaulted, it wouldn't be that bad. >> i'm say
, moody's and s&p are both saying what matters most there has to be a substantial credible machine to cut the deficit and s&p is saying, still, if you raise the debt ceiling there will still be a one in three chance there will be a down grid by 2013 if they do not see a credible plan to cut the deficit. >>chris: what happens in that situation? japan was downgraded and it was not that big of a deal. >>guest: that is important. but what we will see is fannie mae and freddie mac downgraded and, also, 7,000 municipality could see the bonds downgraded and surprisingly we are seeing, moody's is saying that the u.s. government backed bonds from israel and egypt so those bonds would be down grades, too. >>chris: so would rates immediately go up and mortgage and car loans will all cost more. will that happen? >>guest: that is what we hear from wall street but the ranges differ a third of a percent up to 1 percent. some would say, look, our borrowing rates will zoom higher and we could lose jobs and there is a debate whether a down grid gives up a double dip recession. chris but the possibility exi
yesterday when the nation's top credit rating agency moody's said it could strip the u.s. of its aaa rating if no deal is reached. that sent the dollar tumbling. meanwhile, what about senator mitch mcconnell's plan to give authority to the president to raise the debt ceiling? that was praised by democratic senator harry reid and republican senator john mccain, but criticized by a lot of other republicans. they'll be back at the table today for the fifth straight day, lynn. >> kristen dell gren in washington. thanks. >>> yesterday host ed schultz asked republican bbernie sander representative from vermont, what he thought about the debt talks when he said he was, quote, willing to stake the presidency on it. >> they're giving us two offers. one, if we don't give them everything they want, they're prepared for the first time to fold on our debts in the midst of a very fragile economy, raise our debt ras in this country, c us a significant number of jobs, and deny benefits to the elderly who need those benefits. and the second option they're giving us is they're going to slash social security,
? >> the create rating would be in jeopardy. moody's s&p, fitch all the credit rating agencies have said in the next couple of weeks if there's no significant progress brpt to the debt ceiling negotiations, they'll put the debt unders review for a downgrade. if we get into early august then the likelihood of a downgrade becomes very real. i think that's very likely. >> and the im% of a downgrade on interest rates? >> they'll rise. it doesn't matter. global investors are going to start to lose faith pretty soon they're going to demand a higher interest rate to compensate themselves for the risk that they're taking. so interest rates will rise significantly. stock prices will fall. the economy will be in recession. >> is the president right to say that he would veto any short-term deal. that was the major news out of today's news conference that he's not going to settle for something that small that he really think it's time to resolve these issues once and for all. >> i think it's appropriate to go for the $4 trillion in deficit reduction over ten years. i think that's very doable. i thin
, moody's investor service is reviewing the u.s. bond rating for a possible downgrade the president is giving the debt limit talks one more day. if a compromise can't be reached on a broad debt limit deal by friday, the president says he will push for a debt limit accord that does not include taxes or spending cuts. >> joel let's go back to yesterday's sitdown at the white house. exactly how heated did things get? between the president and republican leaders? >> house majority leader eric cantor said president obama grew very agitated and ended the meeting abruptly saying he had sat there long enough. democrats say the account is overblown that the president did not leave abruptly simply making an impassioned plea for compromise. depends on who you talk to. >> joel brown, thank you. >>> now to campaign 2012. sarah palin says she'll announce whether she is running for president by late august. during a broadcast interview palin said she is confident she has common sense and is thinking of offering herself in the name of service, but said she could support someone else. so far, though
, steve. >> good day to you. >>> moody's joining s&p in saying, look, guys, if you don't raise this debt limit, which you reached on may 16th anyway, at $4.3 trillion, there's a threat you're going to lose your aaa rating, which means people are not going to want to hold what's been seen previously as ultrasafe bonds. what boosted the markets before that was ben bernanke, who's been appearing on capitol hill and actually said the economy is in worse shape than expected, saying the possibility remains that the recent weakness may prove more persistent than expected and that deflationary risks might reemerge, implying additional policy support. that additional policy support could be some form of qe3, more quantitative easing, and people assume after qe# in june, that was it. so that was tantalizing to the markets, which rallied on the back of that. >> thanks, steve. >>> the front of the "the wall street journal" this morning saying raiders put u.s. on notice. this would be an unprecedented drop if it were to happen in the aaa credit rating. >>> elsewhere, scotland yard said it's made a se
would be counterproductive, of course, since that makes the deficit worse. >> moody's is reviewing the u.s. aaa rating. republicans certainly under sense pressure to refuse new taxes as part of a deal to raise the nation's debt ceiling. lawmakers who give in risk the wrath of one of the most powerful men here in washington, a man most americans probably never heard of. we're talking about grover norquist. we asked lisa sylvester to join us right now. i'm going to be speaking to grover norquist in a few moments. give us a little background, lisa, on who he is. >> he's a fascinating guy. grover norquist, actually, he got his start in politics early. at 12, he hopped on a train and he headed to boston to volunteer for richard nixon and he has held on to his conservative values ever since. he believed in small government, lower taxes and limited government services. >> that's mitt romney's. michele bachmann. >> reporter: in this black binder are signed pledger from gop presidential candidates. grover norquist, president and founder of americans for tax reform, secured their signatures as well
that would occur. moody's previously had as one notch higher than s&p, so now, with the movies in adjustment -- the moody's adjustment, what that means is we are still very much on a roll with the debt. a strong aa. we noticed in the electronic markets, as we're required to do with our material disclosure, and all of our bond documents, for our build america bond revenues. president vietor: commissioner moran. vice president moran: did they state a reason for the downgrade? >> this is on a current basis as well as a projected basis. what movies does is just take them all and line them up in a row, and based on our current level of water sailors and the cumulative fund balance reserves, that made us go into the third notch of aa. vice president moran: and was the size of the balancing accounts an issue there? >> they factor in all of the cash we have available. and also noticed a long term strength of the economics. we cannot fall out of sync. the willingness of the commission to adopt the rate increases that were needed and the cost management, the efficiencies. they did give us a lot of cre
fitch has been relatively silent in here but s&p and moody's saying it is entirely likely they will downgrade the u.s. credit rating. the u.s. has had a aaa credit rating since 1917 when moody's first started rating the u.s. they are important because what they assign your debt determines how much interest you pay. those countries are the lowest risk or companies that are the lowest risk pay the lowest interest, they have the highest credit rating. it's important to know what they do because if they do downgrade you, there is a chance, it's not entirely sure, but a chance that the u.s. will then pay more to borrow and other people will look at other places to invest their money. now there are about 19 countries in the world that have a aaa credit rating, the united states is one of them according to s&p. there are a few fewer with moody's. basically, 19 countries. canada, switzerland, a number of other countries with stellar credit rating. when we may see is the development of run of the credit rating agencies comes out and says the u.s. is not as good a risk as it used to
, is there will likely be some kind of a default in greece. that is why u.s. rating agency moody's cut grease that again by three notches -- greek debt again by three notches. you would guess the dollar would be under pressure, but it is gaining in comparison to the euro. it shows how confusing all the debt issues are on the other side of the atlantic. >> what can we expect in the coming days? >> basically, the debt issues will remain in front of investors' minds. on top of it, we will get dozens of earnings reports. we will get earnings reports from some industrial heavyweights and will see if earnings season continues to be as good as we have seen it in the past couple of days. blue chips have been up last week by almost 1.5%, due to rather strong earnings from companies like apple and ibm. we will see if those bread and butter companies coming out with their numbers this week can repeat what we have seen in the past couple of days. >> thank you very much. the role of the ratings agencies is one of the most contentious factors in the eurozone debt crisis. many politicians feel the u.s.- based agencies
credit rating of the united states? will it affect the credit rating as we're hearing from moody's and s&p? >> two issues here. one whether there will be a default or a technical default if we went past the august 2nd deadline or whatever deadline that is. in my opinion the probability or positive an actual default where the treasury department can actually not make the payments that are owed on interest on the debt, i really believe the possibility of that is very close to zero. i think this is a lot of scare talk. the reason for that is think about it in these terms. the federal interest payments each month are about $25 billion. the federal government takes in $200 billion of revenues. many experts and myself including believe that the treasury department and mr. geithner would have the cash flow to make those interest payments and in my opinion that would be the top priority, obviously, to make sure that our full faith and credit of the united states is not put in danger. >> steve, if i can compare this. if i don't pay for my insurance but pay for my car payment, i haven't paid for m
crisis warnings from ratings agencies moodies and s&p, the agencies are clear they may lower the u.s. credit rating. what exactly does that mean for all of us? joining us now to explain it is steve moore, senior economic writer for the "wall street journal" and resident expert on breaking it down so we can understand it. great to see you today. >> great to see you, shannon. >> shannon: how close do you think we are to the possible downgrade. >> the united states for the last 75 years or so has always had a tripled a bond rating. when you think about that being downgraded. think about this. if the u.s. treasury bill is not a triple-a security then what is? that is why i don't believe this that they will downgrade the debt. think about when there is turmoil anywhere in the world. an earthquake and japan or middle east turmoil, people rush to the united states as a safe haven. i'm not all that concerned about it. another thing to keep in mind. the reason people would be concerned about the downgrade of the debt is it would mean interest rates would rise on the treasury bills. interest
security checks, what have you, ostensibly nothing happens. and moody's signaled nat u.s. would likely retain the triple-a credit rating so long as they didn't miss a bond payment and standard of poor's is sort of only one they think something, so we keep saying august 2nd, august 2nd, there's some degree of consequence, but not where we're shut down 11:59, they lock the gates. >> neil: right, right. in the meantime, they're all about locking down the phones here because they're ringing off the hook. right? i mean, who have they be getting more of the phone calls, republicans, the president of course, pushing that in his radio address again. pushed, folks, call your congressman if you're upset and want to see a deal made and reach an agreement. who is getting more of the calls. >> everyone on capitol hill knows that one of the best or worst jobs in capitol hill is the receptionist, intern or whoever sits out front ap answers the phone. i'm told yesterday, you hear everything, you get this broad range of calls and some people get well-reasoned arguments and others want to call up and ra
the debt crisis going on overseas and it was another downgrade for greece today joining moody's and s&p and lowering greece's debt rating to ccc, you are talking about a notch above default. you cannot get lower than that. all the concerns really weighed on the market later in the session after we saw the rally on bernanke's comments and what we did see was anything hard asset, the dollar fell on the comments of bernanke, and oil and gold shot higher and oil closed up nearly to $98 a barrel and gold was certainly used by investors as the safe haven asset today and gold finishing at a record high today, guys, so, again, everybody locking for someplace to put their money other than the u.s. dollar, and it was stocks, oil, and gold. and another thing aside from bernanke mentioning a possibility of another round of stimulus, he talked about holding benchmark interest rate near zero for what he says is an "extended period of time." so it was all about the possibility of qe3 that rallied stocks but a debt downgrade for greece that weighed on storages later in the session, but, again, snappi
the markets care about. despite nonsense from moody's and s&p, treasury prices are going up. deals are going down. we have enough money to pay that we have enough money to pay medicare, maybe social security. do we have enough to keep government going forever the size? no. >> you have lost your mine. >> sean: will you get rid of your liberal side for a moment. you are a smart analyst. why would liberals oppose cut, cap and balance? >> because the balanced budget amendment is something we have always opposed forcing you to make drastic cuts. first, it won't pass because it requires 2/3 vote. will not get through the senate. >> sean: 25 democrats on record -- >> i understand but it is not going to get through. you are going to end up with the mcconnell-reid bill. 1.5 trillion in cuts, no taxes. it going to be in two -- [ unintelligible ] 2/3 required to beat him, when he puts forth. the most important part is this debt commission which is mandated for a vote in january. you have to vote -- you know the -- [ talking over each other ] >> gasparino is right. i talked to my congressman today in ar
by giving him the debt limit and all they are asking for, is reasonable cuts, similar to what moody's and s&p are asking us to do so this is not a partisan bill. >>neil: but it is weird whoever arranged the meeting with the s&p folks, what they will say is we risk financial armageddon if we default, and the aaa credit rating goes away, association obviously, i would assume it was meant to scare republican members who were there. >>guest: i don't think so. if you read the statements we have from moody and standard & poor it says if we raise the debt element without credible, significant long term deficit reduction, they are going do lower our bond rating so they are not after us just raising the debt limit they know we have to do this. >>neil: all right. putting meat behind it. you have been a critic as you have written in your book, about this sort of facade. when we constantly raise the debt ceiling. we are in this jam because we keep doing this. you go back through administrations, democrat and republican, 17 or 18 times, through the reagan administration alone, to what end? the debt keep
taxes. you know what else is silly about this -- moody's and s&p's downgrade our debt, willing to let the stock market lose, [ talking over each other ] >> sean: this is nones sense -- this is nonsense. 50% of americans pay no federal income tax, half. [ talking over each other ] >> doug, when i didn't -- >> sean: hong on a second. i drove $200 and -- hang on a second. i drove $200 and $300 cars for years, i waited tables, i tended bar, i was banging nails, painting houses. i was glad rich people hired me. rich people went out to dinner. if rich people don't bit yachts, planes, all the demonization of private planes. if rich people don't go on expensive vacations, guess who is going to suffer? all the people the democrats seem to care the most about. they are killing the opportunity for people to succeed. >> absolutely. like any good north carolina boy like i am my first job was in a barbecue restaurant. i'll never forget getting that first paycheck and seeing how much of my money was taken before i had a chance to get it. but i thank god i had great people who hired me and employed m
% chance that happens. moody's and s&p showed this as their intention. interestingly, it is a political judgment as opposed to a financial estimate of whether in fact the government can pay back its debt. nobody thinks there is going to be a tall. these agencies are saying there has been no political will shown they want a long term solution for structural chronic deficits. even if we get a debt ceiling increase whatever form, unless you have that big multi-trillion dollar long term deficit cutting plan and it had teeth i think there's a good chance we get a downgrade. >> shepard: nobody has82 tackled entitlements. >> mostly about statements of intent on both sides. these programs will be curtailed x amount, nothing on paper. >> shepard: i intend to go to the gym, but it is probably not going to happen. and it is also about getting leverage over the other side and the 2012 election. what happens if they >> you around and we do default? does that mean that interest rates go up on everything? that borrowing money is more difficult? the economy grinds to a halt or is this all political spe
ceiling -- once the u.s. is downgraded, moody's said they would wait 10 to 12 days to look at maryland and virginia and then make a decision there. there is a possibility that nothing may happen, but just this atmosphere haseally created a sense of anxiety. already, maryland has called the bond sales, and virgia may be looking at doing the same. the next one is august 3, which is the same deadline as the debt ceiling. it has created a lot of uncertainty. in the meantime, maryland and virginia are having their credit rating threatened, whihich is the same thing like if you and i had are credits for lord, it would cost as much more to borrow, and that affects us in the long term. >> in fact, ladies, i learned the origin of credit ratings. it was from the olden days when stores with loan farmers seat, and started carrying information on which farmers best paid back for their feed. this is already having an impact. it is already creating some hesitation from those who buy treasury bonds. this would not only impact bonds, but it would have an impact on mortgages, car loans everything else.
rating agencies, the credit rating agencies like moody's and s&p and fitch. these agencies have already gone on record saying we need $4 trillion in cuts and that is a floor and this looks like for all intents and purposes more like $3 trillion. the devil is in the details and whether some of the cuts are upfront or longer term but that is not going to cut it with ratings agencies that have already put themselves out on the ledge here and said we said $4 trillion. then the attention changes to them. will they accept that. will they say all right, we set $4 trillion, 3 trillion south better than nothing or do we take them at their word there could be a possible downgrade if it doesn't measure up. i won't get into the gobbledygook of the math they use. they say the very minimum they would accept is the $4 trillion figure. then the issue is if we still don't have a deal as of later on tonight, 6:00, 7:00, 8:00 when you start seg the first signs of futures trading in securities in u.s. stocks and later on in asia, what have you, could be some concern are it looks like this might be falling
here. didn't moody's say that it would not downgrade from triple-a but we haven't heard from s&p and why would there be that disparity? >> well, moody's didn't say outright that it would not ongrade. it sort of set the parameters here saying you know what would be real serious spending restraint, you know $4 trillion over ten years is sort of like that benchmark as i alluded. now, you are quite right, they have been very, very cautious in saying what they would do in the event we don't get that figure. they have made it very clear, s&p and other agency that gets a little less fanfare fitch investors that $4 trillion is a figure you hear a great deal. even lost in that thought and i find this interesting, greg, is the details and layout of those spending cuts. if they are more outer term year cuts the markets might scratch their head as are many here, many republicans in particular and saying wait a minute, we agreed to something where the onerous cuts are coming in the future years, obligating future presidents and congress to do what this president and this congress might not
investment grade following greece and portugal. major u.s. credit rating agency moody's downgraded irish government a notch from baa3 to ba1. the debt strapped country received a bailout package from eurozone nation. after that expires moody's said ireland will likely require additional financial aid to stay afloat. the agency added if further support becomes necessary, private investors may be asked to share the burden. >>> now let's take a look at tokyo stocks. in new york overnight the dow was lower for a third straight day as eurozone debt problems continue to worry investors. to see how markets are trading in japan this wednesday morning we cross over to ramin mellegard at the tokyo stock exchange. ramin, how are the markets looking to far? >> good morning to you, ai. the nikkei and the topix trading in the negative in the first few minutes of trading and that follows on from the losses we saw on the dow and markets continue to be dominated by news surrounding eurozone debt concerns after moody's downgrade of ireland's credit rating which yet again highlights global concerns over th
debacle surrounding the u.s. debt ceiling. moody's comments about it. one of the reasons we saw gains is particularly because we had encouraging growth numbers coming out of china and more importantly, we had soothing words from the federal reserve chairman ben bernanke himself. at the close of trade, a gain between 0.3 and 0.5%. let's go back to what bernanke was saying, in his semiannual testimony, he said once again, the soft spot that the economy has hit will be short lived. here's what's interesting about what he had to say. after spending months denying to people there would be stimulus measures, he gave this hint. >> the federal reserve remains prepared to respond should economic developments indicate that an adjustment would be appropriate. >> now, that's quite a different tone from the message we got two weeks ago when the fed ended its last round of stimulus of qe2. looking ahead to the start of trade in the u.s., right now in premarket trade, the major markets are pointing to a higher open. this is quite different from just a little while ago where all the futures were poin
Search Results 0 to 49 of about 476 (some duplicates have been removed)